Norwalk, Conn. (Sept. 17, 2003) -- To enhance and provide more comprehensive supporting information that state and local governments present with their annual financials, the Governmental Accounting Standards Board issued a new Exposure Draft of proposed standards -- Economic Condition Reporting: The Statistical Section.
The ED would revise the statistical section that accompanies a state or local government’s basic financials to include more “government-wide” financial information.
The statistical section is composed of trend information about revenues and expenses, outstanding debt and demographics. Changes under the new ED would include mandate the reporting of debt a government issues in addition to general obligation bonds.
The proposed standards would become effective for periods beginning after June 15, 2005.
-- WebCPA staff
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